Plymouth Argyle have announced that their manager, Peter Reid, has left the club after 15 months in charge.

Argyle are bottom of League Two, having taken one point from a possible 27 this season. They lost 2-0 to Southend on Saturday, and the club is embroiled in financial turmoil.

Reid was appointed in June 2010 but was unable to prevent relegation last season, as Plymouth were deducted 10 points for entering administration. Plymouth's acting chairman, Peter Ridsdale, has revealed that the decision to sack Reid was made in an attempt to "preserve Football League status" at Home Park.

In a statement on the club's website, Ridsdale said: "Plymouth Argyle Football Club (In Administration) today announced that Peter Reid has left his position as manager of the football club. Peter joined Argyle as manager at the beginning of the 2010-11 season and inherited an unsustainable wage bill and a club that with the benefit of hindsight was in financial meltdown.

"During the last 15 months Peter has been the ultimate professional and has gone about his duties without complaining and has had to cope with more in a short period of time than most managers have to put up with in a whole career. Ultimately however, whatever the challenges, football is a results business and, today, Argyle sit bottom of the Football League with only one point out of 27.

"It is crucial that we give ourselves time to attempt to preserve Football League status and therefore it is felt that a change of manager now is the only option."

Despite playing Championship football in 2009-10, Plymouth's very existence is now under threat. Last autumn players went unpaid and in December the club survived a winding-up order for unpaid tax, before entering administration in March.

The club said it planned to make a further announcement on the appointment of an interim manager within 24 hours of Reid's departure.